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Swiss central bank leaves interest rates unchanged

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The Swiss National Bank incurred a record loss of 23 billion francs (S$33 billion) last year after it abandoned its currency cap.

[ZURICH] The Swiss National Bank (SNB) on Thursday left its benchmark interest rate unchanged and said it will remain active if necessary in the currency market to weaken the "significantly overvalued" Swiss franc.

At its quarterly policy meeting Switzerland's central bank kept its target range for the three-month Libor at -1.25 to -0.25 per cent, as analysts polled by Reuters had expected.

"The negative interest rates in Switzerland and the SNB's willingness to intervene as required in the foreign exchange market make investments in Swiss francs less attractive; both of these factors serve to ease the pressure on the franc," the central bank said in a statement.


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